It is now “cheaper to build a new solar facility than to operate an existing fossil fuel plant”
Yes, you did read that title correctly! A major financial research company has claimed that it is now cheaper to build an entirely new solar facility than to persist with a coal or natural gas plant in many locations. That seems like quite the claim, but BloombergNEF has stated with confidence that within the next five years, it will actually be more costly to operate existing coal or natural gas power plants than it will be to construct a new solar or wind energy facility. This is supported by a recent report from the International Energy Agency which found that solar energy will soon replace coal as the cheapest source of electricity. The IEA’s World Energy Outlook has stated that solar energy is going to be at the forefront of a huge increase in renewables over the next decade, with up to 80% of the world’s electricity likely to be sourced through renewables in the not too distant future. With solar technology constantly improving, as well as solar panel cost continuing to be...